• ASX 200 seesaws to close flat
  • Aussie 10-year bond yields at 7-year high
  • China’s inflation rises and beats expectations

The ASX 200 opened higher this morning but lost momentum by midday as Aussie bond yields marched to multi-year highs.

At the close of day, the ASX 200 benchmark closed flat while the 10-year bond yield surged past 3%, its highest level since 2015.

It follows a similar spike in US Treasury yields on Friday, where the 10-year yield rose to a three-year high of 2.70%.

Bond yields have been moving higher since the US Fed signalled last week it would aggressively hike rates and reduce its massive bond holdings at $US95 billion a month starting in May.

Australia’s Reserve Bank has also opened the door for a potential rate hike by as early as June, raising concerns of a real estate bubble bust.

By sector, rates sensitive stocks like Tech and Discretionary were the worst performers today, down by around 1% each, while Financials led the market.

Meanwhile, China’s producers’ costs surged 8.3% and consumer inflation climbed 1.5% year on year. Some analysts have warnted that persistently high inflation and lockdowns could shave 2% of China’s GDP.

BIG CAP WINNERS

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Code Name Price % Change Volume Market Cap
ZIM Zimplats Holding Ltd 33.93 9.9% 23,349 $3,322,774,225
CXL Calix Limited 8.62 9.0% 783,915 $1,277,004,891
LKE Lake Resources 2.00 7.5% 30,124,293 $2,376,229,013
GNC GrainCorp Limited 9.77 6.3% 4,208,000 $2,103,183,221
APM APM Human Services 3.37 6.3% 1,191,154 $2,907,466,769
GRR Grange Resources 1.285 6.2% 6,457,325 $1,400,379,825
WSA Western Areas Ltd 3.845 5.3% 3,815,290 $1,173,997,516
PRU Perseus Mining Ltd 1.86 4.2% 8,210,630 $2,202,812,178
NST Northern Star 10.65 3.7% 2,975,844 $11,965,846,300
IRE IRESS Limited 11.63 3.5% 285,488 $2,131,422,721
RRL Regis Resources 2.11 3.4% 4,777,963 $1,539,743,648
PSI Psc Insurance Ltd 4.44 3.0% 30,158 $1,503,996,102
NUF Nufarm Limited 6.59 3.0% 1,851,004 $2,432,122,598
SLR Silver Lake Resource 2.1 2.9% 1,529,583 $1,897,544,660

Lake Resources (ASX:LKE) and Ford Motor Company have signed a non-binding MoU to negotiate a lithium offtake from the Kachi Project. The offtake deal is approximately 25,000 tonnes per annum to support Ford’s aggressive electric vehicles acceleration.

IGO Ltd (ASX:IGO) agreed to lift its acquisition price of ASX-listed Western Areas (ASX:WSA) to $3.87. The upgrade follows an independent report saying that the initial $3.36 offer was not in the best interest of WSA shareholders, considering the continued strong nickel price performance.

BIG CAP LOSERS

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Code Name Price % Change Volume Market Cap
AVZ AVZ Minerals Ltd 1.055 -5.8% 28,187,044 $3,952,177,318
YAL Yancoal Aust Ltd 4.87 -5.8% 794,486 $6,826,671,889
ERA Energy Resources 0.37 -5.1% 352,159 $1,439,639,447
ASM Ausstratmaterials 7.41 -5.1% 561,669 $1,089,541,907
A2M The A2 Milk Company 4.79 -5.0% 7,590,989 $3,748,028,901
VUL Vulcan Energy 9.05 -4.3% 880,481 $1,245,362,551
EBO Ebos Group Ltd 37.45 -4.2% 23,696 $7,377,460,374
BRN Brainchip Ltd 0.91 -4.2% 7,945,079 $1,628,644,037
HTA Hutchison 0.082 -3.5% 2,000 $1,153,663,229
MIN Mineral Resources. 59.14 -3.5% 930,357 $11,576,517,934
PLS Pilbara Min Ltd 3.09 -3.4% 16,909,975 $9,525,869,418
MP1 Megaport Limited 12.48 -3.3% 435,254 $2,039,121,797

Adore Beauty (ASX:ABY) fell 10% to its all time low today on concerns that higher mortgage rates could force people to buy less beauty products. The ABY stock price has lost more than 70% over the past 12 months.

 

At Stockhead we tell it like it is. While Lake Resources is a Stockhead advertiser, it did not sponsor this article.